Apex Logical Data Conversion Private Limited v. -
Case brief
What is this about?
The applicant sought to dispense with the requirement of convening meetings of equity shareholders and unsecured creditors for a proposed scheme of amalgamation. The court noted full shareholder consent but the applicant did not press for dispensing with the creditors meeting, resulting in the closure of the application.
What the court decided
THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN
COMPANY APPLICATION No.522 OF 2012
ORDER:
This application is filed by Apex Logical Data Conversion Private Limited, Transferor Company No.1, requesting this Court to dispense with the meeting of the equity shareholders, and the unsecured creditors of Transferor Company No.1, for according their consent to the proposed scheme of amalgamation.
In so far as the shareholders of Transferor Company No.1 are concerned, a perusal of the affidavit filed in support of the application would show that out of the total 1,05,300 shares, 1,05,299 shares are held by M/s. Apex Data Services Inc. USA, and one share is held by Dr. Shashikant Gupta. Affidavits of
Dr. Shashikant Gupta, both on his behalf and on behalf of the Transferor Company No.1, are filed along with the application. By memo dated 06.06.2012, a copy of the resolution of the meeting of the Board of Directors of Apex Data Services Inc. held on 15.07.2011 is filed, whereby the said Company has accorded its consent to the proposed scheme of amalgamation, and has authorised Dr. Shashikant Gupta to execute documents and consent letters in connection with the proposed scheme of amalgamation.
As all the equity shareholders of Transferor Company No.1 have given their consent to the proposed scheme of amalgamation, it is wholly unnecessary that a meeting of the equity shareholders is being convened.
Parties & counsel
- applicant
Apex Logical Data Conversion Private Limited
Coram
RAMESH RANGANATHAN
Case details
As recorded by the court registry
- Court
- Telangana HC
- Decided on
- · June
- Registered
- Case no.
- COMPA/522/2012
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